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S&P assigns 'A-1+' rating to ICICI Bank's proposed $300 million USCP program

Standard & Poor's Ratings Services (S&P) has assigned 'A-1+' short-term issue rating to ICICI Bank's proposed $300 million US commercial paper (USCP) program. This program is supported by a $300 million irrevocable direct-pay letter of credit (LC) issued by Wells Fargo Bank N.A.

The 'A-1+' rating on this program is equivalent to the short-term counterparty credit rating on Wells Fargo. The Bank will issue the USCPs through its overseas branches in Hong Kong, Bahrain, and New York.

Earlier this month, India's largest private sector bank had raised 100 million Swiss Francs through a seven-year bond issue. The bonds had been rated 'Baa2/stable' by Moody's and 'BBB-/negative' by Standard & Poor's.

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